What is entrepreneurship?

What is entrepreneurship?

1. Undertaking the creation of an enterprise or business that has the chance of profit or success.
2. Creation of organization: it may be for profit or not for profit.

What motivates one to be an entrepreneur?

Money, freedom, independence, joy of creating products or services, relationships & jobs and to help society.

What discourages one to not choose entrepreneurship?

Risk involved (money and time), fear of failure (80 to 90% startups fail), peer pressure or family pressure and opportunity cost. Opportunity cost is low at young age and fairly high as one gets older.

Type of entrepreneurs:

1. Life style vs fast growth: single restraunteur vs online food retailer
2. Local goal vs global goal: one homeless shelter vs global reduction program on ways to reduce homelessness
3. Low tech vs high tech: chocolate shop vs chocolate fountain manufacturer
4. Serial vs multiple: startups in series vs startups in parallel
5. Startup: inherit or purchase
6. Franchisees

This blog post is based on my learnings from the course on ‘entrepreneurship’ offered by Maryland Technology Enterprise Institute, University of Maryland through Coursera (2014).